About Prudential Investment Management Services
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So I was a member of the IBEW and they sold me this as the 401k that every electrician in the union had. So I thought well it must be decent then... WRONG! I've had a 401k with them for almost a year, and I never opted to put my money at risk. They put my money into a portfolio that was losing money at the time. I recently got my performance report from them in the mail a few days ago (first mail I've gotten from them). Well, come to find out I lost 20% of my money since January 1. And these people then had the audacity to charge me an account management fee for the pleasure of letting them piss away my money at more than twice the rate of inflation.
I quit drinking years ago, but after that letter, I went to the bar. So because of some contract my union has with Prudential I can not remove any money from this account until 1 year after I last put money in. I've got another 8 months to go and if things keep going the way they're going I will have lost over half my money by the time I can get it out. Yeah I can change portfolios, but everyone they have right now is in the negative. Not to mention I've spent about 5 hours already calling customer support because nothing online works the way they say it does.
First, it sent me in a sign up/login loop. Then after that 2-hour long phone call I can get into my account but can't even view my portfolios. Another 3 hour phone call and 7 people later the IT guy asks if I'm using my email to log in. Well it took them that long to tell me that I can't actually view or edit my account unless I use my username instead of my email to log in. On their website, it says "username OR email", slightly misleading if you ask me. Also embarrassing how poorly trained their employees are. It almost seems intentional how difficult it is to do anything with them. They said they were having phone issues, but every time I call it's so distorted I can barely hear. But hey phone issues for 3 days straight is possible, maybe.
In total, I've spent about 15 hours of my time trying to figure out how to lose less than 20% of my money every 6 months. My God what a waste of time, I could have been investing that money myself and actually making money in that time. But because of Prudential, I'm stuck spending my time trying to figure out how to lose less. I wish I never gave them a cent! Now getting to their cyber security... there is none! So I'm no programmer, but I took a programming class in high school so I know the basics of coding. If I spent a few hours researching a few things I bet I could hack their website, all with information I got off google and a high school understanding of coding. I'm dumbfounded they haven't been hacked yet.
What really takes the cake for their lack of security is unencrypted peers. Basically to log into their website you have to disable your VPN, meanwhile on their website they preach about how seriously they take your security. For those that don't know a Virtual Private Network (VPN) encrypts your internet data so if someone manages to intercept your signal they can't get any information from it. Without a VPN it is possible to track everything you do online, and anyone with enough smarts to intercept your data can see everything.
A lot of people forget that your internet data usually travels between a few countries, and they don't have privacy laws like we do here. So if you're reading this and haven't given them money DON'T! Save yourself the time, stress, money, and headache of dealing with these people. Their employees are either fools or snakes, there's no in between. Probably because those are the only people that will work for liars.
Prudential Investment gave me the flexibility that I need for my investment, has the exact product for me in regards the the ever changing market. I do an annual review of my portfolio and the performance of my investment conforms to the changing markets and give me a complete peace of mind.
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I am of an age where I can begin to make withdrawals from my account, but does Prudential offer an easy way to do this? NO. They FORCE YOU TO CALL THEM so they can try to sell you other services and crap you do not need. I always thought a "Fiduciary" was to assist, not try to talk you out of using your own money, or REQUIRING THEIR PERMISSION to access your own funds.
I opened an account with them through my employer, 15 minutes later I called to have the accounts removed. This was not an option so the best they could do is turn the contributions to zero. The following month they pulled $200 from my account. When I called they told me it is not their fault and that really it is no one's fault. It was only a mistake, however, I cannot pull my money out, transfer my money, or do anything with said money. So here we are. Prudential will hold $200 until I am 59 1/2 because they are incompetents.
They kept my account open and continued charging me fees even though I asked them to roll over my retirement. They didn't refund the fees even though it is their mistake. I had to wait on the phone for this! Great.
I have Prudential TDA retirement plan from NYC Health and Hospital Corporation. Why in this strange time there is no way to pay my retirement plan loan electronically, only by mail. It's weird. It's 21 century.
I am extremely happy to have been a Prudential client of Steve ** in Waterville, Maine for over 30 years. Steve is as solid as they come. He always puts my needs over commission. That is rare in this business. Having dealt with companies and representatives other than prudential and Steve, it is a night and day comparison. Getting money is simple with Steve and Prudential and NOT easy with others. All of my investments are now with Steve and Prudential. Steve learned my needs and researched what will best meet my retirement needs. Like any investments, there are up and downs, but Steve is in contact through thick and thin never dodging in bad times. He follows up appropriately and checks to make sure my needs have not changed. Great caring person. He is more than an agent. He cares about my future and family.
Having dealt with Prudential through my previous HR position, I knew in my gut that they were going to lose my forms. Prudential will only accept forms via fax or mail. In this day and age, why wouldn't we be able to email or upload a form to our account page? Shouldn't an investment company be a little more technology savvy? This is so they can claim they never got the form. Even with a successful fax transmittal showing how many pages went through, they claimed they did not receive my form. I worked in the benefits department of my company for 20 years and never had a problem faxing in forms for setting up new employee accounts or for rollovers into Prudential. Funny they always seem to not receive those faxes when people want to roll their money to another investment company.
My company was also having problems with Prudential claiming 401k loans weren't paid off when they were and charged employees late fees. We even started paying off employee loans early to avoid the charges and they still would tack on a fees at the end of the loan with no explanation. This would be in additional to the loan payoff payment schedule given to our payroll department. If you have a choice in dealing with this company, go somewhere else.
The worst customer service ever! I took a loan out against my employee contributions and after 8 business days the check still hadn’t arrived. The time frame was to be 3-5 business days. When I spoke to the representative, I was told that it was my fault that I didn’t choose the express option and when would told him that I was mad about how I was being treated he told me he was glad! The worst customer service ever!!
My employer had 401K investment services with Prudential. I was given another opportunity with a different employer, and the age old question came about for me.... What to do with my 401K primary residence loan? Instead of calling my employer at the time looking for answers, I called Prudential and spoke to a CSR named Vivien. I didn't want my employer to know about this opportunity until I made my final decision. I proceeded to ask Vivien if I was able to leave my money in the current plan and pay the loan of $19K monthly via coupons for the original length of the loan. She took some time to check, but came back on the phone to let me know this was possible. I was elated to say the least.
I made my final decision and left that company. During my first week of employment with my new employer, received a phone call from Prudential (CSR Jessie) asking how I was planning on repaying the loan? I told him that I was just going to use the coupon method that Vivien told me about. Then Jessie went on to tell me that Vivien was wrong and I would need to repay this back in the according to the new TAX guidelines, but will not be able to pay it back via coupons for the original length of the loan.
Now.... I based my leaving on the information the original CSR (Vivien) told me as the monetary benefit of leaving would be wiped away if I was charged the penalties and taxes for early withdrawal of my 401K. They told me their was nothing they could do and they were sorry. I want to take them to court, but I have no idea where to start. I will be researching lawyers to see what kind of case I have, but I believed the original info that was given to me by Prudential was true and accurate, and I made a life changing decision based on that information. Shame on you Prudential. You owe me a reasonable resolution. Just let me pay the loan monthly.... Not that difficult!
Prudential author review by ConsumerAffairs Research Team
Prudential was founded in 1875 to provide affordable life insurance policies to working class individuals in New Jersey. Today, the company offers a wide variety of financial products, including life insurance, annuities and mutual funds to consumers around the world.
Investment options: Consumers can choose from many different money market, equity and fixed-income mutual funds from Prudential. They also have specialty equity funds comprised of investments in specific sectors, like real estate, utilities and more.
Information: Interested investors can find information for all the company’s funds on Prudential’s website. Information includes commentary about performance as well as the prospectus, annual and semi-annual reports, lists of holding and fact sheets.
Comparison tool: The Prudential website features a Fund Comparison Tool that makes it easy to compare up to three Prudential funds at one time. The tool makes it easy to see the cost of each fund as well as other important distinctions.
PruView: Investors who want to learn more about investing can read the PruView part of the website. It has news articles and market insights to help consumers learn more.
Financial professionals: Investors who want some help can find a financial professional through Prudential. They can request a qualified advisor to contact them by filling out a form online.
Prudential Investment Management Services Company Information
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